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Oregon

Oregon has one main public pension system: the Public Employees Retirement System (PERS). The investments of PERS are handled by the Oregon Investment Council (OIC) in the Oregon Public Employees Retirement Fund (OPERF).

The OIC board consists of 6 members: 2 Ex Officio (State Treasurer, Director of PERS); 4 members are appointed by the Governor.
- The Oregon State Treasury discloses the proxy voting records for directly held equities of PERS on this website.
- PERS uses Glass Lewis for its proxy advisory services.
- According to an October 2024 report, the OIC’s general investment consultant is RVK, Inc.

The “By Asset Manager” and “Asset Manager Voting” tables show the proxy voting records of the state’s asset managers who manage the pensions’ stock market portfolio through index, exchange-traded, or mutual funds. Since these are externally managed funds, the asset managers typically retain and exercise proxy voting privileges. This data is used to calculate the state’s pro-ESG and anti-ESG scores to see how the state leverages its externally managed funds in proxy voting.

The “State Voting” table shows PERS’ proxy voting records for directly owned securities through pension fund portfolios. The 1792 Exchange commends PERS for publicly disclosing this information online for its pensioners.

Both tables are important to show a comprehensive picture of the state’s proxy voting record.

By Asset Manager

AQR Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

82%

BlackRock Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

7%

Dimensional Investment Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

5%

Lazard Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

49%

Nuveen Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

41%

Blackstone Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

84%

Brandes Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

35%

William Blair Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

72%

Westwood Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

0%

Asset Manager Voting

Pro-ESG

14.3%

Anti-ESG

1.1%

Anti-Fossil Fuels

20%

Anti-Pollution/Waste

22%

Animal Rights

11%

DEI

18%

Weapons/Defense

18%

Human Rights

21%

Income Equality

20%

Political Speech/Lobbying Spending

17%

Health Care

12%

Race/Gender targets on Boards

12%

Non-Pecuniary

11%

ESG-Focused Governance

10%

Abortion

11%

Pro-Fossil Fuel

1%

Equality not DEI

1%

Controversial Cause Support

1%

Geopolitical Rivals/China

2%

State Voting

Pro-ESG

96%

Anti-ESG

81%

Anti-Fossil Fuels

91%

Anti-Pollution/Waste

93%

Animal Rights

100%

DEI

97%

Weapons/Defense

100%

Human Rights

96%

Income Equality

100%

Political Speech/Lobbying Spending

100%

Health Care

100%

Race/Gender targets on Board

100%

Non-Pecuniary Corporate Purpose

100%

ESG-Focused Governance

100%

Abortion

100%

Pro-Fossil Fuel

82%

Equality not DEI

89%

Controversial Cause Support

57%

Geopolitical Rivals/China

79%

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